Rent to Own allow a part of your rent each month to go towards the down payment and/or purchase of your home. Before getting into a contract on the home, you should get with a mortgage broker and let him/her run your credit and to make sure you can you get a loan in a years time and what do you need to do to make it happen.
When you are renting to own a home it is extremely important to keep documentation and proof of your monthly rent payments. Don't pay in cash. If you don't have a checking account, pay your monthly payment with a money order. Make it a priority to have documented and proof of your monthly payments.
If you enter into a land contract most lenders will treat this as a refinance and may even allow you to take cash out when you refinance the home into your name.
Depending upon the lender you will need at least 12 months of cancelled checks to get into a cash-out refinance loan based upon the annual appraised value as opposed to the stated value in the option section.
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